Spotify, a Swedish music streaming service provider, announced today that its board of directors has approved a stock repurchase plan. By April 21, 2021, Spotify will repurchase up to 10 million common shares of the company, which will cost about $1 billion.
Specific repurchase dates and quantities depend on a variety of factors, including prices, overall business conditions, market conditions and alternative investment opportunities. In addition, the repurchase plan will be consistent with the company's priority investment capital allocation strategy to promote the long-term development of the company's business.
According to the stock repurchase plan, Spotify will periodically repurchase stocks in various ways, including public market purchases, on the premise of compliance with relevant regulations. The stock repurchase plan does not force Spotify to buy a specific number of shares, and may be suspended or cancelled as needed.
Spotify released its fiscal third quarter results last Thursday, with a total revenue of 1.352 billion euros, up 31% from a year earlier. Net profit was 43 million euros, compared with a net loss of 278 million euros in the same period last year. (Li Ming)
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